North Carolina Down Payment Support Programs

Online Payments - These programs would be the Down Payment Assistance Program and also the Mortgage Credit Certificate.

You also purchase a property between December 1, 2009 and January 1, 2009 and should you meet the requirements for one of the plans, you can even qualify for the $8,000 tax credit just enacted into law.

First, who's a First Time Home Buyer? There is a First Time Home Buyer someone who hasn't owned a house in the prior three years. That is the exact same qualifying definition.

An MCC “reduces your tax liability predicated on a portion of the mortgage interest which you pay.

Should you are eligible for the MCC, you'll be able to claim 20% of the interest you pay as a credit in your federal income taxes. You are able to save up to $2,000 on your taxes.

You may manage to unite this with the $8,000 tax credit, should you qualify for the MCC, for 2009. This could reduce the tax liability of a buyer's .

Who Qualifies for an MCC?

Household income is defined as the “gross income of the mortgagor and any other individual anticipated to live in the home who's 18 years of age or older.”

House price limitations that apply in Durham Orange and Chatham Counties and the income are given below.

MCC Income Limits 1 Person $61,500 2 Individuals $61,500 3 Individuals $70,500 4 Persons $70,500

MCC Sales Cost Limitations New Dwelling $220,000 Existing Dwelling $210,000

Home buyers that want help with their down payment and closing costs might be able to get down payment assistance - or, to put it differently, interest-free, deferred second mortgages up to $8,000. The buyer just has to pay and the load would pay up to .

This plan has more rigorous income limits than the MCC plan summarized above. Like the MCC program, it might be used in conjunction with all the new $8,000 tax credit on home purchases between December 1, 2009 and January 1, 2009. The down payment assistance, however, cannot be utilized along together with the MCC. This really is an either or scenario.

House price limits that apply in Orange, Durham and Chatham Counties and the income are given below.

Down Payment Assistance Income Limits

1 Man $39,950 2 Persons $45,650 3 Individuals $51,350 4 Persons $57,050

Down Payment Support Sales Price Limits New House $210,000 Existing House $210,000